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Live US Congress Roundtable on Cryptocurrencies, you should all be watching this now

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1 minute ago, Zedy44 said:

Lol this guy talking about his potential decentralized music platform in Korea is hilarious.

He did have a good point though about the way he wants to raise capital. Would be cool to see retail people being able to participate in the investment

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1 minute ago, Kpuff said:

He did have a good point though about the way he wants to raise capital. Would be cool to see retail people being able to participate in the investment

Yeah, the way he presented his point was funny, but a great point nonetheless. Beyond that, this has been the best event on this topic at this level I've seen yet. Looking forward to the rest. 

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1 minute ago, JoelQuinn said:

Yeah, the way he presented his point was funny, but a great point nonetheless. Beyond that, this has been the best event on this topic at this level I've seen yet. Looking forward to the rest. 

I agree I did chuckle when it sounded like he was bragging about his music ico

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5 minutes ago, Kpuff said:

He did have a good point though about the way he wants to raise capital. Would be cool to see retail people being able to participate in the investment

 

1 minute ago, JoelQuinn said:

Yeah, the way he presented his point was funny, but a great point nonetheless. Beyond that, this has been the best event on this topic at this level I've seen yet. Looking forward to the rest. 

Totally agree!  My comment was definitely related to his story telling approach, but for sure he's an actual example of an entrepreneur trying to use this tech and can see (as he put it) the self-fulfilling prophecy of failure before he's even begun his project due to the expected regulation of the tokens as securities and limitation to accredited investors.

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20 minutes ago, XRPHornets said:

• The rest of the world are already far ahead of US regulators. Consequently the US needs to move fast with clear and light regulations otherwise the US may lose its lead in the global financial marketplace. This point was repeated by many different people. The example of how excellent US regs in 90s enabled the dot.com boom and US economic global dominance thereafter.

Crucial I say. And Thank You for the GREAT Summary of Part 1 @XRPHornets ?

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5 hours ago, zenkert said:

Crucial I say. And Thank You for the GREAT Summary of Part 1 @XRPHornets ?

I was very impressed how this discussion took place and how it seems (at least on the surface) that the government representatives are very serious about getting this right . 

One would like to think that if the government get behind this and realise how it important it is fro US economic supremacy then the powers that be will kick the SECs @ss into gear.

On an aside it was great to see the cogs and wheels of democracy in action, in the largest and most successful democracy also. ( BTW Im a Londoner born and bred, so not a jingoistic rant, just a personal opinion)

Edited by XRPHornets

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Part 2 Summary...less diligent on this one as I was cooking dinner while listening but general vibe was

• Traditional tools for regulating markets arent applicable to blockchain ecosystem.

• Many established crypto companies want to comply with regulations, they accept the reason for regulations but dont know how to proceed because the Howey test that has served so well historically does not give clear indication of what is security in this market. An example paraphrased quote " this market is often descirbed as the wild west. It is not, it is a large group of entrepreneurs who want to build businesses legally and complying with regulations, but dont know where they stand, and therefoer cant progress with the required urgency to keep up "

• Revision of KYC and AML rules that worked in traditional model but not in decentralised world. An example of Filecoin ( decentralised DropBox)... it wont work to have KYC everytime you want to interface with Dropbox by setting up an account with them.

• Senator Davidson then spoke about how accredited investor system only allows access to investors who are already rich, whereas the very nature of blockchain is the power of the network and therefore mainly people who dont have wealth of  to be an accredited investor.

•To paraphrase Davidson " Congress needs to know of the urgency and importance of these facts/discussion". He also said at the start that " discussion participants must be aware that what they say may be used/quoted in regulation and congressional discussions"

 

----------------------------------------------------------------------------------------------------------------------------------------------------------------------

My general impression of all the political representatives on the panel was that they were  very well informed , open and aware of the need to listen to the different experts in the room. 

I dont know how much sway these particular politicians have in congress, but if they are listened to then the US will be onboard with blockchain tech imminently and with the required urgency.

I also think the fact that US hegemony is being threatened by complacency will expediate the required constructive action. 

Having spent 20 hours/week for 9 months researching this space Ive not doubted the power of it at any point. However having heard this talk has made so bullish about this space.

What assets will thrive and prosper, when the dust settles who knows, but it seems clearer than ever that blockchain  is going to change the way the globe interacts economically in a paradigm shifting manner. This  is in no doubt in my mind after watching this. (However, this comes with the caveat that of course this is just a hearing chaired by open minded politicians. How the rest of congress reacts , we will see.)

Lastly, this ecosystem needs the full force of US ingenuity, innovation and entrepreneuralism behind it.  Combined with the same qualities we see coming from Asia especially, but rest of world too, makes this an irreprresible force for change, growth and increased global wealth.

 

Edited by XRPHornets

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Still don't understand why US wants to diverge themselves away from crypto when its easy to see its the future... This is the issue of having a bunch of 70 to 80 year old white men in office who have no realm of reality in whats going on in mainstream world.  

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39 minutes ago, NewbieXRP said:

Still don't understand why US wants to diverge themselves away from crypto when its easy to see its the future... This is the issue of having a bunch of 70 to 80 year old white men in office who have no realm of reality in whats going on in mainstream world.  

Those damned white people are involved in everything!

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1 hour ago, NewbieXRP said:

Still don't understand why US wants to diverge themselves away from crypto when its easy to see its the future... This is the issue of having a bunch of 70 to 80 year old white men in office who have no realm of reality in whats going on in mainstream world.  

Just gimme some of them 'Ol Dead White Boys'

 

Oops, thought I was still on the Zerpening thread, not this serious one!

Edited by XRPHornets

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48 minutes ago, Mcripple said:

Those damned white people are involved in everything!

Dat’s Ray-sist 

Edited by Raz

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And on the flipside, look at India, what they’re doing. Basically just wanting to lock down so hard on their crypto market that it’s like, “Why even bother trying to create something cool or something that saves money and increases efficiency.” All in the name of combatting fraud, terrorism (studied and debunked), and economic instability. You would think India would be welcoming crypto with open arms because they are not the most prosperous country on the planet.

Fear, greed, and an incapability to change.

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